PENALTIES FOR NON-COMPLIANCEPENALTIES FOR NON-COMPLIANCE

PENALTIES FOR NON-COMPLIANCE

Any person who fails or refuses to furnish a return or any other information under the ITAA 1936 or the ITAA 1997, commits an offence and is liable, on conviction, to a penalty not exceeding $2,200 if it is the first offence. If convicted of a second offence, that person becomes liable to a penalty not exceeding $4,400. If convicted of a third or subsequent offence, that person becomes liable to a penalty not exceeding $5,500 or imprisonment for a period of not more than 12 months, or both. A company may be liable to a fine not exceeding $27,500. Alternatively:

(1) any person or full self-assessment taxpayer may, in relation to an income tax return, become liable to pay a penalty under section 286-75 in Schedule 1 to the TAA 1953;

(2) companies and trustees of corporate unit trusts, public trading trusts, corporate limited partnerships and pooled development funds may, in relation to a franking account return, a deficit deferral tax return, or a venture capital deficit tax return, become liable to pay a penalty under section 286-75 in Schedule 1 to the TAA 1953.

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(M.J. Carmody)

Commissioner of Taxation

Dated this 25th day of June 2002